Crude prices surged by more than 3 percent after the U.S. State Department said it will require companies to cut all oil imports from Iran to zero by November.

Singapore’s factory output continued to outperform in May, rising 11.1 per cent YoY, beating April's 9.1 per cent rise and also blowing past economists' expectations of a 10 per cent increase.

Singapore is now the world’s fourth most expensive city for expatriates, moving up one spot from last year's ranking, according to the latest Cost of Living Survey published by global consulting firm, Mercer. Hong Kong topped the rankings, followed by Tokyo and Zurich.

Singapore Exchange Limited approved the biggest change to its listing rules, giving the go-ahead for companies with dual-class shares (DCS) structures to seek a primary listing on its main board with immediate effect.

No Signboard Holdings Ltd. has entered into fast food business by launching “hawker themed” burgers with a local taste.

Hwa Hong Corporation Ltd. has acquired two commercial freehold plots in Jalan Besar from City Developments Limited for S$13.8 million in total.

Soilbuild Construction Group Ltd. has been awarded a new construction contract in Myanmar worth S$3.8 million.

Source: CNBC, Bloomberg, Reuters, Business Times, Phillip Securities Research